Student Loan Consolidation Lenders

Written by Nicole Madison
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If you are planning to consolidate your student loans, you will need to select a student loan consolidation lender. There are an abundance of student loan consolidation lenders from which to choose. Ask your school for a list of qualified lenders or research lenders online.

Selecting Student Consolidation Loan Lenders

If you intend to apply for a Federal Family Education Loan Program (FFEL) consolidation loan and all of your federal loans are with one lender, you must apply to that lender. However, if your lender does not offer consolidation loans, you may choose any participating FFELP consolidation loan lender. In addition, if your lender does offer consolidation loans, but will not give you an income-sensitive repayment plan, you may apply with any participating lender as well.

If your federal student loans are with more than one lender, you may choose to apply with any participating lender. Many lenders offer borrower benefits, such as lower interest rates for borrowers who pay on time. Research lenders thoroughly to discover which lenders offer the best borrower benefits to ensure you receive the best possible deal.

After you have chosen a student loan consolidation lender, contact the lender for a consolidation loan application or, if possible, apply online. Be sure to ask any questions you may have before you complete your application. This is especially important because once you have received a consolidation loan, you cannot simply change your mind later. The entire loan process can usually be completed in less than 90 days.

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